Each year the board engages a study that is required by law to analyse the funding of the reserve accounts to cover future expenses in the community. The Reserve study also assists the Board and the Management Company to plan when future projects need to be completed to help keep the community looking in the best condition possible for it’s Home Owners. If you have any questions on the study feel free to contact the Management Office or attending a Board Meeting.
A Reserve Study is a budget planning tool which identifies the current status of the Reserve fund and a stable and equitable Funding Plan to offset the anticipated future major common area expenditures. The Reserve Study consists of two parts: the Physical Analysis and the Financial Analysis. This document is often prepared by an outside independent consultant for the benefit of administrators (Board of Directors) of a property with multiple owners, such as a condominium association or Homeowners’ association (HOA), containing an assessment of the state of the commonly owned property components as determined by the particular association’s CC&Rs and bylaws.